The fact that Lagos kicked off the biennial Lagos International Trade Fair (LITF) over the weekend is no longer news. The conflicting emotions that greeted the official opening of the annual trade show, however, may be of interest to those who attended.

For example, the faces of some brand custodians and business owners at the fair were plainly displaying their will to take full use of the prospects presented by the yearly show. However, a lot of people at the exhibition never had the same hope. There was a noticeable sense of anxiety among this group. The current issues that people and companies worldwide are facing would undoubtedly take their toll on the ten-day event, expected to feature both local and international brands.

They feel that their ability to conduct business and compete at the fair has been negatively impacted by the ongoing devaluation of the naira relative to other international currencies and their inability to get foreign exchange.

One of the company’s sales representatives, Ademola, who was at the Bhojsons’ stand when Brands & Marketing visited, feels that the unfavorable economic situation in Nigeria has caused the company’s products—including the tricycle, also called Keke Marwa, at the stand—to become unaffordable for the typical Nigerian.

For example, due to the current state of the naira’s value, the tricycle on display here costs almost N1.3 million. This hasn’t been encouraging at all because it makes it more difficult to offer these products to potential buyers. He said pointedly, “How does one explain that something that used to cost between N350,000 and N400,000 in the past has suddenly become over N1.3 million in recent times?”

Additionally, Tosin, another brand sales representative, indicated at one of the DSTV kiosks we visited that even though the company had a sales campaign and had slashed the costs of some of the decoders, the marketing move had not had the expected effect. He ascribed this development to the unappealing appearance of the nation’s economy.

Even though today is the first day of the fair, there would have been some kind of rush in the past. However, we have hope. We still have over a week left,” he said.

However, this year’s fair offers some brands—particularly local ones—an additional chance to compete against global brands and see how well they can hold their own against them, particularly as the African Continental Free Trade Area (AfCFTA) agreement comes into full force.

“The brands, particularly the local ones, have a great chance to try things out. According to Mr. Samson Ayomiwa, an entrepreneur who had attended the fair’s opening ceremony, “this is an international trade fair, and the fact remains that how well they hold themselves would go a long way in determining whether local brands stand any chance against their foreign counterparts.”

It’s interesting to note that the Lagos Chamber of Commerce and Industry (LCCI), the event’s organizers, are there to reassure the companies and customers attending the exhibition.

In his welcome speech, its president, Asiwaju Michael Olawale-Cole, highlighted that the fair’s enormous influence allows it to offer enormous advantages to exhibitors and customers in several market categories.

Nothing could be further from the truth than this. For example, since its start, the fair has expanded to become the biggest trade show in sub-Saharan Africa, drawing in both domestic and foreign businesspeople from more than 1600 companies worldwide.